UC-NRLF 


*c  m  3fla 


BONDS 


OF  THE 


KIIVGDOIM  OF  ITALY 


w.  B.  HiBBs  AND  Company 

HIBBS    BUILDING 
WASHINGTON,   D.   C. 


COPYRIGHTED,     19ZO.     BY     W.     B.     HiBBS     AND     COMPANY,     WASHINGTON,     D,     <?. 


Com-.. 
Fred&nc  L. 


KINGDOM  OF  ITALY 


*i 


INTERNAL 


LOAN 


DATE    OF 
ISSUE 


MATURITY 


RATE  OF 
INTEREST 


INTEREST  PAYABLE 


FIRST  NATIONAL  LOAN 

(Also  known  as  the  Mobilization 
Loan  of  1914) 


January  4-,  1915 


January  1,  1940. 

Not  subject  to  redemp- 
tion or  conversion 
before  January  1,  1925 


SECOND  isfATlfoTNAL*  LOAN 

(Also  known  as  the   First  War 
Loan) 


July  1,  1915 


January   1,   1940. 

Not  subject  to  redemp- 
tion or  conversion 
before  January  1, 
1925,  but  callable 
after  that  date,  at  the 
option  of  the  Govern- 
ment. 


THIRD   NATIONAL  LOAN 

(Also  known  as  the  Second  War 
Loan) 


January    IQ  1916 


January  1,   1941. 

Not  subject  to  redemp- 
tion or  conversion 
before  January  1, 
1926,  but  callable 
after  that  date,  at  the 
option  of  the  Govern- 
ment. 


4^% 


4^ro 


January     1st     and 
July  1st 


I 


January     1st     and 
July    1st 


January     1st     an 
July    1st 


J^ 


The  following   Internal   Loans   of   the  Kingdom  of    Italy  are  purposely   omitted   from   this   Int,    for 
the   reason   that   they   possess    but   little   interest    to   the   average    American    investor:— 

(1)  5%  LOAN,  MAREMMANA  RAILWAY,  issued  in  1862.  to  the  amount  of  £1,782,000  sterlmg,  for 
the  construction  of  a  railway  from  Leghorn  to  the  Roman  frontier.  Secured  on  the  general 
revenues  of  the  Government  and  on  the  net  revenues  of  the  Maremmana  Railway,  together 
with  a  mortgage  on  the  railway.  Redeemable,  at  par.  by  1960.  by  annual  drawings  on  Decem- 
ber 1 0th  in  Rome  against  a  cumulative  sinking  fund.  Interest  payable,  January  1st  and  July 
1st.  in  Italy  or  London,  subject  to  the  Italian  income  tax  amounting  to  20%.  Amount  out- 
standing,   £1,512,220. 

(2)  3%  RENTES  (income  bonds),  issued  in  1863  in  exchange  for  old  3%  loans  of  the  States 
forming  part  of  the  Kingdom  of  Italy.  The  certificates  contain  no  mention  of  redemption. 
Interest  payable.  April  1st  and  CDctober  1st.  with  a  deduction  of  20%  for  Italian  income  tax. 
Amount    outstanding:    capital.     160,070.866    lire;    rentes,    4.802.126    lire. 

(3)  3%  RAILWAY  BONDS,  issued  in  1896  to  the  amount  of  £45,664,000  and  consisting  of  bonds 
for  the  Italian  companies  of  the  Mediterranean.  Sicilian  and  South  Italian  Railways.  Redeem- 
able by  1986  by  annual  drawings  in  May.  Interest  payable.  January  1st  and  July  1st.  in  Italy 
and  London,  with  a  deduction  of  20%  for  Italian  income  tax  and  an  additional  circulation 
tax    fixed    semi-annually    by    the    Government.      Amount    outstanding.    £3  5,088.960. 

(4)  3H%  NET  RENTES,  issued  in  June.  1902,  for  the  conversion  of  certain  debts  of  the  Govern- 
ment. The  certificates  contain  no  mention  of  redemption.  Interest  payable.  January  Ist  and 
July  Ist.  in  Italy  and  London,  free  from  all  Italian  taxes.  Amount  outstanding:  capital. 
943.437.637    lire;    rentes.    33,020,317    lire. 

(5)  CREDIT  COMMUNAL  AND  PROVINCIAL  3%%  BONDS,  issued  in  1904,  to  the  amount  of 
152,582,000  lire,  to  retire  the  4%  gold  obligations  of  the  City  of  Rome  authorized  by  the  law 
of  July  8,  1883.  Redeemable,  at  par,  by  1964,  by  drawings  in  February  of  each  year.  Interest 
payable,  April  Ist  and  October  Ist,  in  Italy  and  London.  Amount  outstanding,  139.012,500 
lire. 

(6)  3%%  RENTES,  issued  in  1906  for  the  conversion  of  the  old  4%  and  5%  Rentes.  The  certifi- 
cates contain  no  mention  of  redemption.  Interest  payable.  January  1  st  and  July  I  st.  at  all 
Italian  Treasuries  and  in  London  and  Paris.  Amount  outstanding:  capital,  8,097.724.447  lire; 
interest,    283.420,356    lire. 


LOANS 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Date  of 

Issue    if   Rate 

OF    Exchange 
Had    Been    at 

THE  Normal 

(I    L|RE=I9.3 
CENTS) 


principal 
and   interest 
Free  from 
Italian 
Taxes 
If  Bonds 
ARE  Held  by 
Non- 
residents 


REMARKS 


On    October    31,    1919, 
1,000,000,000  lire 


97% 


1,147,224,800  lire 


3,018,092,800  lire 


95%  in 
Italy. 

93%  in 
the 

United 
States 

and  to 

holders 

of  the 

First 

National 

Loan 

97y2% 


$187.21    per 
1,000-lire 
bond 


Yes 


$183.35 

and 
$179.49 

per 

1,000-lire 

bond 


Yes 


$188.17 

per 

1,000-lire 

bond 


Yes 


(1)    Coupon  bonds  to  bearer  in  denominations   of   100,  200,  SCO,   1,000,  5,000, 

10,000    and    20,000    lire,    which    may    be    registered    as    to    principal    and 

interest;    and     (2)     registered    bonds    in    denominations    of    any    multiple 

of    100    lire. 
Coupon  bonds   are   exchangeable   for  registered    bonds. 
This    loan    was    granted    no    privilege    of    conversion    into    future    Govemjnent 

issues. 
The  principal   and  interest  are  payable,  in   Italian  lire,  at  designated  agencies 

of     the    Government     in     Italy     and     in     the     Italian     colonies.      Both     are 

exempt    from    Italian    taxes. 
Coupons    may    be   collected,    at   the    current    rate    of    exchange    on    Italian    lire, 

at   the   Agency   of  the   Banco   di   Napoli  in   New  York   and   in   Chicago. 
Coupons    of    registered    bonds    are    not    detachable.       Registered    bonds    must 

be   presented    and    the    coupons    stamped    in    order   to    obtain    payment    of 

the  interest. 

(1)  Coupon  bonds  to  bearer  in  denominations  of  100,  200,  500,  1,000,  5,000, 
10,00O  and  20,000  lire,  which  may  be  registered  as  to  principal  and 
interest;  and  (2)  registered  bonds  in  denominations  of  any  multiple  of 
100   lire. 

Coupon  bonds  are  exchangeable  for  registered  bonds. 

In  case  that  more  favorable  terms  were  granted  to  future  loans  issued  by 
*he  Italian  Government  before  the  end  of  1916,  such  terms  were  made 
applicable  to  this  loan. 

In  the  event  that  the  Government  should  exercise  its  option  to  convert  this 
loan  on  and  after  January  1,  1925,  such  action  will  automatically  give 
the  holders  the  right  to  demand  payment  of  the  principal  of  their 
bonds  in  case  the  rate  of  interest  fixed  by  such  conversion  be  not  satis- 
factory  to   them. 

The  principal  and  interest  of  this  Second  National  Loan  are  payable,  in 
Italian  lire,  at  designated  agencies  of  the  Government  in  Italy  and  in 
the  Italian  colonies.  Both  are  exempt  from  all  Italian  taxes,  present 
and    future. 

Coupons  may  be  collected,  at  the  current  rate  of  exchange  on  Italian  lire, 
at  the  Agency  of  the  Banca  di  Napoli  in  New  York  and  in  Chicago. 
Coupons  of  registered  bonds  are,  however,  not  detachable,  but  the  bonds 
themselves  must  be  presented  and  the  coupons  stamped  in  order  to 
obtam    payment    of    the    interest. 

(1)  Coupon  bonds  to  bearer  in  denominations  of  100,  200,  500,  1,000,  5,000, 
10,000  and  20,000  lire,  which  may  be  registered  as  to  principal  and 
interest;  and  (2)  registered  bonds  in  denominations  of  any  multiple  of 
100   lire. 

Coupon  bonds  are  exchangeable  for  registered  bonds. 

This  issue  was  given  no  privilege  of  conversion  into  future  Govemment  loans. 

Between  January  1,  1926,  and  January  1,  1941,  the  Italian  Treasury  may 
retire  the  outstanding  portion  of  this  loan  by  purchasing  bonds  in  the 
open  market  or  through  the  operation  of  a  special  amortization  bank 
admmistered    by    the    Bank    of    Deposits    and    Loans. 

The  following  were  accepted  in  payment  of  subscriptions  to  the  Third 
National  Loan:  (1)  Ordinary  Treasury  notes  at  par  to  the  full  amount 
subscribed;  (2)  Five-year  Treasury  bonds — those  due  in  1917  at  99 
and  those  due  in  1918  at  97.80 — and  accrued  interest;  (3)  Second  Na- 
tional Loan  upon  payment  of  a  fee  of  2.50  lire  for  each  100  lire  of 
principal    converted. 

The  principal  and  interest  of  the  Third  National  Loan  are  payable,  in  Italian 
lire,  at  designated  agencies  of  the  Government  in  Italy  and  in  the 
Italian  colonies.  Both  are  exempt  from  all  Italian  taxes,  present  and 
future. 

Coupons  may  be  collected,  at  the  current  rate  of  exchange  on  Italian  lire, 
at  the  Agency  of  the  Banca  di  Napoli  in  New  York  and  in  Chicago. 
Coupons  of  registered  bonds  are  not  detachable.  Registered  bonds  must 
be  presented  and  the  coupons  stamped  in  order  to  obtain  payment  of  the 
interest. 


444173 


INTERNAI 


LOAN 


DATE    OF 
ISSUE 


RATE    OF 
INTEREST 


INTEREST    PAYABU 


FOURTH  NATIONAL  CONSOLI- 
DATED LOAN 

(Also  known  as  the  Third  War 
Loan  and  as  the  Perpetual  Rentes 
of  1917) 


ftlruaruS, 
JanuQry''^l7 


1917 


FIFTH      NATIONAL      CONSOLI- 
DATED LOAN 
(Also  known  as  the  Fourth  War 
Loan  and  as  the  Perpetual  Rentes 
of  1918) 


SIXTH      NATIONAL     CONSOLI- 
DATED LOAN 
(Also    known    as    the    Perpetual 
Rentes  of  1920) 


January  1^1918. 
Dated  Rome,  De- 
cember 8,  1917 


No  fixed  date  of  ma- 
turity. 

Not  subject  to  redemp- 
tion or  conversion 
before  January  1, 
1932,  but  callable 
after  that  date  at  the 
option  of  the  Govern- 
ment. 


January  «J7  1920 


No   fixed    date    of   ma- 
turity. 

Not  subject  to  redemp- 
tion or  conversion 
before  December  31, 
1931,  but  callable 
after  that  date  at  the 
option  of  the  Govern 
ment.    . 


No    fixed    date    of   ma 
turity. 

Not  subject  to  conver- 
sion or  callable  until 
after     December     31 
1931. 


5% 


January     1st     an( 
July    1st 


5% 


5% 


January     1st     an 
July    1st 


January     1st     an 
July    1st 


LOANS  (Continued) 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Dats  of 

Issue  IF   rate 

of  exchange 
Had    Been    at 

THE  Normal 

(1     LIRe  =  l9.3 
CENTS) 


Principal 

AND    Interest 

FREE  From 

ITALIAN 

Taxes 
If  Bonds 
Are   Held  by 
Non- 
Res  ioknts 


•On    October    31,    1919, 
3,985,473,600  lire 


. 


n    October    31,    1919, 
6,245,000.000  lire 


90% 


86^% 


.20,000,000,000     lire     onl  87^% 
April  30,   1920 


$173.70 

per 

1,000-lire 

bond 


$166.95 

per 

1,000-lire 

bond 


$168.88 

per 

1,000-lire 

bond 


Yes 


Yes 


Yes 


REMARKS 


(1)  Coupon  bonds  to  bearer  in  denominations  of  100.  200,  500,  1,000,  2,000* 
4,000,  10,000  and  20,000  lire,  which  may  be  registered  as  to  principal 
and   interest;    and    (2)    registered    bonds    in    any    multiple    of    100   Hre. 

Coupon   bonds    are    exchangeable    for    registered    bonds. 

This  loan  was  granted  the  same  rights  and  privileges  as  thoss  of  future 
Government    loans    issued    on    more    favorable    terms    during    the   war. 

Subscriptions    to    this   Fourth    National    Consolidated    Loan    vrere    accepted    in 

(1)  ordinary  Treasury  bonds  of  June  30,  1916,  at  par  and  interest  with 
a  discount  of  4.40%;  (2)  ordinary  Treasury  bonds  of  July  1,  1916,  at 
discounts  of  3%  and  4.25%;  (3)  five-year,  4%,  Treasury  bonds 
at  prices  ranging  from  102V29'^  to  lOOVa^I  (4)  5%  Treasury  bonds  of 
April  1,  1916,  at  prices  from  101.90%  to  100.407o;  5%  Treasury  bonds 
of  October  1,  1916,  at  99.407c  and  97.90%;  and  (5)  redeemable  State 
bonds,  drawn  at  the  last  preceding  drawing  but  not  paid  off,  at  full  re- 
deemable  value. 

Conversion  into  this  loan  was  also  permitted  (1)  to  holders  of  the  First  and 
Second  National  Loans  upon  payment  of  2.50  lire  for  each  100-lire 
bond  converted;  and  (2)  to  holders  of  the  Third  National  Loan  who 
received  a  premium  of  3  lire  for  every  100-lire  bond  converted  if  the 
conversions  did  not  exceed  500  lire,  or  a  premium  in  bonds  of  the 
Fourth  National  Consolidated   Loan  if  in  excess  of  500  lire. 

In  case  the  Italian  Treasury  exercises  its  right  to  convert  the  interest  rate 
on  or  after  January  1,  1932,  the  holders  of  these  bonds  will  have  the 
alternative  of  accepting  the  reduction  in  the  rate  of  interest  or  of 
requesting  the   payment  of   their  bonds   at  par. 

The  principal  and  interest  of  the  Fourth  National  Consolidated  Loan  are 
payable,  in  Italian  lire,  at  designated  agencies  of  the  Government  In 
Italy  and  in  the  Italian  colonies.  Both  are  exempt  from  all  Italian  taxes, 
present    and    future. 

Coupons  may  be  collected,  at  the  current  rate  of  exchange  on  Italian  lire, 
at  the  Agency  of  the  Banca  di  Napoli  in  New  York  or  in  Chicago. 
Coupons  of  registered  bonds  are  not  detachable.  Registered  bonds  must 
be  presented  and  the  coupons  stamped  in  order  to  obtain  payment  of 
the    interest. 

(1)  Coupon  bonds  to  bearer  in  denominations  of  100,  200,  500,  1,000,  2,000, 
4,000,  10,000  and  20,000  lire,  which  may  be  registered  as  to  principal 
and    interest;    and    (2)    registered    bonds    in    any    multiple    of    100    lire. 

Coupon    bonds    are    exchangeable    for   registered    bonds. 

Bonds  of  this  loan  were  given  the  same  privileges  as  those  of  future  Gov- 
ernment loans   issued    on   more   favorable   terms    during   the   war. 

Payment  in  full  for  subscriptions  to  this  loan  was  permitted,  at  various 
prices,  to  holders  of  (1)  certain  issues  of  Ordinary  Treasury  bonds 
maturing  between  March  31  and  July  1,  1918,  and  later;  (2)  seven 
issues  of  4%  and  5%  Treasury  bonds  maturing  between  April  1,  1918, 
and  October  1,  1922;  (3)  four  issues  of  5%  Treasury  bonds  maturing 
between  April  1,  1919,  and  October  1,  1920;  and  (4)  certain  foreign 
securities   specified   by   the   Italian   Government. 

To  adjust  the  difference  between  the  price  of  issue  of  this  loan  and  that 
of  the  Fourth  National  Consolidated  Loan  of  1917,  holders  of  the  latter 
were  permitted  to  demand  3.50  lire  in  cash  for  each  100  lire  of  par 
value  of  their  holdings  up  to  300  lire.  In  case  their  holdings  exceeded 
300  lire,  bonds  of  the  Fifth  National  Consolidated  Loan  were  given  them 
upon   payment    by    them    in    cash    of    any    difference    in    the    amount    due. 

Should  the  Italian  Treasury  exercise  its  option  to  convert  this  loan  on  or 
after  December  31,  1931,  holders  of  these  bonds  may  either  accept  the 
reduction  in  the  rate  of  interest  or  demand  the  re-payment  of  their 
bonds    at    par. 

Tlie  principal  and  interest  of  the  Fifth  National  Consolidated  Loan  are 
payable,  in  Italian  lire,  at  designated  agencies  of  the  Government  in 
Italy  and  in  the  Italian  colonies.  Both  are  exempt  from  all  Italian  taxes, 
present    and    future. 

Coupons  may  be  collected,  at  the  current  rate  of  exchange  on  Italian  lire, 
at  the  Agency  of  the  Banca  di  Napoli  in  New  York  or  in  Chicago. 
Coupons  of  registered  bonds  are  not  detachable.  Registered  bonds  must 
be  presented  and  the  coupons  stamped  in  order  to  obtain  payment  of 
the    interest. 

(1)  Coupon  bonds  to  bearer  in  denominations  of  100,  200,  500,  1,000,  2,000, 
4,000,  10,000  and  20,000  lire,  which  may  be  registered  as  to  principal 
and    interest;    and    (2)    registered    bonds    in    any    multiple    of    100    lire. 

Coupon    bonds    are    exchangeable    for   registered    bonds. 

This  issue  bears  the  date  of  December  1,  1918,  for  the  reason  that  it  was 
originally  planned  for  1918  but,  owing  to  certain  circumstances,  its 
emission  had  to  be  deferred  until  1920.  The  coupons  due  on  July  1, 
1919,   and   January    1,    1920,   were   therefore    detached    from   the    bonds. 

As  an  incentive  to  purchasers,  the  Italian  Government  agreed  to  pay  at  the 
time  of  subscription  the  coupon  due  on  July  1,  1920,  amounting  to  2.50 
lire,  thus  making  the  actual  purchase  price  85  instead  of  87 Va,  which  was 
the  price  of  issue.  To  offset  this  advanced  payment,  this  coupon  due 
July  1,  1920,  has  been  detached  by  the  Italian  Government.  The  first 
coupon  attached  to  these  bonds  will,  consequently,  be  payable  on  Jan- 
uary   1,    1921. 

Subscriptions  to  this  loan  were  opened  on  January  5,  1920;  they  were  closed 
in  Italy  on  February  7th  and  in  the  United  States  on  March   10,   1920. 

The  following  were  accepted,  at  various  prices,  in  payment  of  subscriptions 
to  this  Loan.  (1)  Cash,  coupons  of  the  consolidated  and  redeemable 
Government  debt.  Treasury  bonds  of  several  years,  each  maturing  on 
July    1,    1920,   and   registered   Treasury   bonds; 

(2)  Ordinary  Treasury  bonds,  five-year  4%  Treasury  bonds  maturing 
October  1,  1920,  three-  and  five-year  5%,  Treasury  bonds  maturing 
April  1st  and  October  1st  of  the  years  1920,  1921,  1922,  1923  and   1924; 

(3)  Obligations  of  the  Public  Debt  of  the  State  redeemable  by  lot, 
drawn    but    not    yet    paid;    and 

(4)  Foreign    securities    designated    by    the    Minister   of    Finance. 

The  interest  on  this  Loan  is  not  subject  to  conversion  "except  after  Decem- 
ber 31,  1931.**  In  case  the  Treasury  chooses,  after  1931,  to  exercise  its 
right  of  conversion,  holders  will  be  granted  the  alternative  of  accepting 
the  reduction  in  the  rate  of  interest  or  of  demanding  the  repayment 
of  their  securities  at  par  and  not  at  the  price   of   issue. 

The  principal  and  interest  of  this  Sixth  National  Consolidated  Loan  are 
payable,  in  Italian  lire,  at  designated  agencies  of  the  Government  in 
Italy  and  in  the  Italian  colonies.  Both  are  exempt  from  all  Italian  taxes, 
present    and    future. 

Coupons   may   be   collected,   at   the   current    rate   of   exchange   on    Italian   lire 
at    the    Agency    of    the    Banca    di    Napoli    in    New    York    or    in    Chicago 
Coupons  of  registered  bonds  are  not  detachable.     Registered  bonds  must 
be   presented   and   the    coupons   stamped    in   order   to   obtain   payment   of 
the    interest. 


ROYAL  ITALIAN 


LOAN 


ROYAL      ITALIAN      TREASURY 

BONDS,    in    nine    series    of   two 

maturities  each: 
Three-year    bonds,    dated    April    1, 

1916,  which  matured  on  April  1, 

1919. 
Five-year  bonds 

Three-year  bonds,  dated  October  1, 

1916,  which  matured  on  October 
1,  1919. 

Five-year  bonds 

Three-year   bonds,    dated    April    1, 

1917,  which  matured  on  April  1, 
1920. 

Five-year  bonds 

Three-year  bonds  , 

Five-year  bonds 

Three-year   bonds 
Five-year  bonds 

Three-year  bonds 
Five-year  bonds 

Three-year  bonds 
Five-year  bonds 

Three-year  bonds 
Five-year  bonds 

Three-year  bonds 
Five-year  bonds 


DATE    OF 
ISSUE 


April  1,  1916 


October   1,   1916 


April  1,  1917 

October   1,    1917 
October   1,    1917 

April  1,  1918 
April  1,  1918 

October   1,    1918 
October   1,    1918 

April  1,  1919 
April  1,  1919 

October   1,    1919 
October   1,    1919 

April  1,  1920 
April  1,  1920 


MATURITY 


April   1,   1921 


October   1,   1921 


April   1,  1922 

October  1,  1920 

October  1,  1922 

April  1,  1921 

April  1,  1923 

October  1,  1921 

October  1,  1923 

April  1,  1922 

April  1,  1924 

October  1,  1922 

October  1,  1924 

April  1,  1923 
April  1,  1925 


RATE  OF 
INTEREST 


5% 


5% 


5% 

5% 
5% 

5% 

5% 

5% 

5% 

5% 
5% 

5% 
5% 

5% 
5% 


INTEREST    PAYABLE 


April      1st     and 
October  1st 


EXTERNAL  LOAN  FLOATEI 


LOAN 


DATE    OF 
ISSUE 


MATURITY 


RATE    OF 
INTEREST 


INTEREST    PAYABL: 


KINGDOM  OF  ITALY,  ROYAL 
TREASURY,  Five-Year,  61/2%, 
Gold  Bonds  (Series  A) 


February  1,  1920 


February  1,  1925 


6^% 


February    1st    an; 
August  1st 


TREASURY  BONDS 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Date  of 

Issue   If   Rate 

OF  Exchange 

Had    Been    at 

the  normal 

(I     LlRE=l9.3 
CENTS) 


principal 

and   interest 

free  from 

Italian 

TAXES 

If  Bonds 
Are  Held  by 

NON- 
RESIDENTS 


REMARKS 


lApproximate  amount  of 
Italian  Treasury,  5%, 
three-year  and  five- 
year  bonds  outstand- 
ing on  October  1,  1919 
(exclusive  of  ordi- 
nary Treasury  bills 
and  Treasury  bonds 
issued  abroad), 

6,745,000,000    lire 


98^% 


98H% 


98^/4% 

99^% 
981/4% 

99y4% 
98^% 

99^% 
98^/4% 

99^% 
98^% 

99^% 
98^/4% 

9914% 
9814% 


[N  THE  UNITED  STATES 


Per 

1,000-lire 
bond 
$190.10 


$190.10 


Yes 


Yes 


$190.10 

$191.55 
$190.10 

$191.55 
$190.10 

$191.55 
$190.10 

$191.55 
$190.10 

$191.55 
$190.10 

$191.55 
$190.10 


Yes 

Yes 
Yes 

Yes 
Yes 

Yes 
Yes 

Yes 
Yes 

Yes 
Yes 

Yes 
Yes 


Law  No.  671,  passed  by  the  Italian  Parliament  on  May  22,  191S,  authorized 
an  unlimited  amount  of  57r  Treasury  bonds,  with  maturities  of  threa 
and  five  years,  to  be  issued  whenever  war  expenditures  rendered  such 
action  necessary.  A  Royal  Decree,  dated  May  S,  1916,  additionally  de- 
fined the  provisions  governing  such  issues  and  was  further  amplified 
from  time  to  time  by  various  decrees  of  the  Minister  of  the  Treasury 
specifying  the  subsequent  issues.  The  first  of  these  Ministerial  decrees, 
dated  May  31,  1916,  provided  for  an  issue,  from  June  20,  1916,  to 
September  30,  1916,  of  three-  and  five-year,  5%,  Treasury  bonds  ma- 
turing on  April  1,  1919,  and  April  1,  1921,  respectively.  The  sucond, 
dated  September  6,  1916,  prescribed  a  further  issue  from  October  1,  1916, 
to  March  31,  1917,  maturing  on  October  1,  1919,  and  October  1,  1921.  The 
third  Ministerial  Decree,  dated  January  23,  1917,  suspended  temporarily 
the  issuance,  but  the  fourth  decree,  dated  March  6,  1917,  authorized  the 
resumption  of  the  issuance,  from  April  1,  1917,  to  September  30,  1917, 
of  S%  Treasury  bonds  with  maturities  on  April  1,  1920,  and  1922,  and 
October  1,  1920,  and  1922.  Subsequent  Ministerial  Decrees  sanctioned 
the   issuance  of   the  other  Treasury   bonds  enumerated   in   this  list. 

These  Italian  Treasury  obligations  are  in  the  form  of  coupon  bonds  to 
bearer  in  denominations  of  100,  200,  SCO,  1,000  5,000,  10,000, 
20,000  and  50,000  lire,  which  may  be  registered  as  to  principal  and 
interest   at   the  Bank  of   Italy  in  Rome. 

Holders  of  these  Treasury  bonds  were  given  the  privilege  of  converting 
their  securities  in  payment  of  subscriptions  to  the  National  Consolidated 
Loans  issued  during  the  war.  They  were  accepted  to  a  maximum  of 
one-half  of  the  amount  subscribed  to  the  Third  National  Loan  of 
1916  (Second  War  Loan)  and  at  varying  percentages  for  the  Fourth, 
Fifth  and  Sixth   National   Consolidated   Loans   of   1917,    1918   and    1920. 

The -principal  and  interest  of  Italian  Treasury  bonds  are  payable,  in  Italian 
lire,  at  designated  agencies  of  the  Government  in  Italy  and  in  the 
Italian  colonies,  or  at  the  Agency  of  the  Banca  di  Napoli  in  New  York 
and    in    Chicago    at    the    current    rate    of    exchange. 

Both  the  principal  and  interest  are  exempt  from  all  Italian  taxes,  present  and 
future,   as   well    as    from    the    Italian    special    stamp    tax. 


AMOUNT  OUTSTANDING 

Price  at 
Which 
Issued 

Principal 

AND     INTEREST 

Free  From 
Italian 
Taxes 
If  Bonds 
Are  Held  by 
Non- 
residents 

REMARKS 

$25,000,000 

and 
interest 
accrued 

97^% 

Yes 

Coupon  bonds  to  bearer  in  denominations  of  $50,   $100,  $500,  $1,000   and   $5,000,  which   may 

be  registered   as   to   principal   at   the   Lincoln   Trust   Company,    New   York. 
This  loan  is  a   direct  obligation  of  the   Italian  Government   and  was   issued  with   the  sanction 

of    the    United    States    Government.       The    proceeds    will    be    utilized    for    industrial    and 

economic    reconstruction    in    Italy. 
The    principal    and    interest    are    payable,    in    United    States    gold    coin,    without    deduction    for 

any  Italian  taxes,  present  or  future,  at  the  Agency  of  the  Banca  di  Napoli  in  New  York 

and    in    Chicago. 
The    principal    is    likewise   payable,    at    the    option    of    the    holder,    in    Rome    in    Italian    lire    at 

the   fixed   rate   of   seven   lire   per   dollar. 

11 


W.    B.    HIBBS 

t 


AND  Company 


June,  1920. 


MEMBERS 

NEW  YORK  STOCK  EXCHANGE 
BOSTON  STOCK  EXCHANGE 

PHILADELPHIA  STOCK  EXCHANGE 
WASHINGTON  STOCK  EXCHANGE 
NEW  YORK  COTTON  EXCHANGE 
CHICAGO        BOARD       OF       TRADE 


HiBBS  Building 
Washington,  D    C. 


'■  I  "*HE    information    herein    contained    has 
-*-  been  taken  from  authoritative  sources  and 


is  believed  to  be  correct, 
however,  guaranteed. 


Its  accuracy  is  not, 


W.  f.  ROBERTS  CO.  WASHINGTON  0.  C. 


^4417,-] 


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